Lazurde sells administrative office for SAR 16.4 mln in Dubai, gains SAR 10.1 mln

08/08/2023 Argaam

Lazurde sells administrative office for SAR 16.4 mln in Dubai, gains SAR 10.1 mln

A Lazurde store

Lazurde Company for Jewelry sold a Dubai-based administrative office with a net book value of SAR 5.3 million to an external buyer for SAR 16.4 million.

 

A profit of SAR 10.1 million will be recognized after deducting the related expenses, in third quarter of 2023, Lazurde said in a statement to Tadawul.

 

The sale proceeds will provide liquidity for the company’s expansion.

 

The sale is in line with the group's strategy of focusing on productive assets, reducing costs, and providing the necessary liquidity for expansion.

 

There are no related parties to the agreement, the statement added.

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